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Renting out a house financed with a homebuyer mortgage used to trigger a balance due clause on that mortgage. Has that changed?
With the National Association of Realtors (NAR) reporting a slump in existing home sales and a surge in median sales prices last week, Schiff, on his The Peter Schiff Show podcast, pointed to a potential trend in the real estate market in which homeowners will begin renting out their homes to retain the properties on which they have low mortgage rates versus selling on the open market, which would cause them to take on a new mortgage with a higher interest rate.
Once the inevitable demographic shift begins - the Boomers becoming infirm or dead due to old age and the need to downsize or have the kids that live several states away inherit - the rental stuff will stop working.
How would they find out?
HeadSet says
Renting out a house financed with a homebuyer mortgage used to trigger a balance due clause on that mortgage. Has that changed?
Veteran Affairs allows renting as long as the owner lived in the home such as for a year.
...
RE stats? Melody’s got’em.
https://wolfstreet.com/2024/01/25/prices-of-new-houses-drop-to-2-year-low/
UkraineIsFucked says
https://wolfstreet.com/2024/01/25/prices-of-new-houses-drop-to-2-year-low/
How can this be true when I keep seeing analysts saying prices are increasing?
D.R. Horton Inc (DHI.N)
debt slave lemmings can get into 30 year shackles again.
You want the RE stats? Melody’s got’em.
https://www.youtube.com/watch?v=3sskye2Nskc
Those 30 year shackles make the sweet sounds of freedom.
Second, it’s not that rent is “dropping”, but it’s stopped accelerating. Housing will come into balance at 5% mortgage rate….in line with what AD has been predicting
Hallelujah to Prop 13. Hallelujah to Howard Jarvis. 🚀🚀
There is free market, in theory. Manipulation of interest rates is an implicit government function.
AmericanKulak says
Once the inevitable demographic shift begins - the Boomers becoming infirm or dead due to old age and the need to downsize or have the kids that live several states away inherit - the rental stuff will stop working.
will have to see how this fares as maybe that is my housing starts still remain low compared to 2000 to 2007 ... new homes not going up in states like Illinois, New York and California as much as in Texas and Florida ... a lot of Florida housing like townhomes meant to only last 99 years
this applies to townhomes as well: http://hoa-condoblog.com/EGBlog020121.html
so home supply will be managed to match demand and demographic forecasts
.....
Hallelujah to Prop 13. Hallelujah to Howard Jarvis. 🚀🚀
Eman says
Hallelujah to Prop 13. Hallelujah to Howard Jarvis. 🚀🚀
These fat rich leaches are the worst than highway robbers who is living on bottom victims of the Ponzi scheme 1978 Prop 13 and still playing "victim" card!! These mega leaches call them selves "conservatives" paying for every $1 for generations vs the neighbor who bought recently and lives in a similar shack potentially pays more than $100 property tax based on the current purchase price.
https://www.taxfairnessproject.org/
Eman says
Hallelujah to Prop 13. Hallelujah to Howard Jarvis. 🚀🚀
These fat rich leaches are the worst than highway robbers who is living on bottom victims of the Ponzi scheme 1978 Prop 13 and still playing "victim" card!! These mega leaches call them selves "conservatives" paying for every $1 for generations vs the neighbor who bought recently and lives in a similar shack potentially pays more than $100 property tax based on the current purchase price.
https://www.taxfairnessproject.org/
Eman says
Hallelujah to Prop 13. Hallelujah to Howard Jarvis. 🚀🚀
These fat rich leaches are the worst than highway robbers who is living on bottom victims of the Ponzi scheme 1978 Prop 13 and still playing "victim" card!! These mega leaches call them selves "conservatives" paying for every $1 for generations vs the neighbor who bought recently and lives in a similar shack potentially pays more than $100 property tax based on the current purchase price.
https://www.taxfairnessproject.org/
I asked you this question before, and it went unanswered. Are you open to reset all tax basis to 1978 levels and eliminate Prop 13? If yes, do something about it and let’s go. If not, stop giving more money to the politicians. California does not have a revenue issue. It has spending issue. If spending is not rectified, it’s a bottomless pit. No amount of money will be enough.
you’re running your mouth for higher taxes without offering alternative solutions.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.